Meaningful Objects or Costly Symbols? A Veblenian Approach to Brands

Abstract

Long before the emergence of the modern brand economy, Thorstein Veblen elaborated an economic theory centered on symbolic entities. Based on his thought, this article pursues a view of the brand which escapes both sociological and economic approaches to the phenomenon. Views of the brand as a meaningful object and of the trademark as a signal of product quality omit the simple possibility that the brand, to some extent, is a symbol turned into a commodity. The article develops this possibility using Veblen’s economic theory of display, which can be read as revolving around the notion of a ‘costly symbol’. Things which necessitate waste, and thus materially attest to wealth, enter Veblen’s economy of display insofar as they become valued for their own sake. His theory thus foretells the basic transformation that characterizes the emergence of modern brand economy, where symbols which ostensibly qualified commodities became by themselves economic objects.